JUDGMENT

Jasmeet Singh, J. (Oral)

1. This is a petition seeking quashing of the summoning order dated 24.11.2020 passed by the learned MM, Patiala House Courts, New Delhi in CC No. 7554/2020 titled "M/s KTC Trading (P.) Ltd. vs. M/s Ajanta Offset & Packaging Ltd.".

2. The brief facts of the case are that in the present case, the respondent No.2 filed a complaint under Section 138 of the Negotiable Instruments Act (hereinafter called NI Act) against the M/s Ajanta Offset & Packaging Ltd. (hereinafter referred to M/s Ajanta) and others for bouncing of cheque bearing No. 065894 and 065893 for a sum of Rs. 30 lakhs each.

3. The petitioner Nos. 1 and 2 were the promoters/directors of M/s Ajanta. The respondent No.2 had supplied paper to M/s Ajanta and the cheques were issued towards the discharge of the liability of M/s Ajanta.

4. In the present case, the Corporate Insolvency Resolution Process (hereinafter called "CIRP") was initiated under Section 7 of the Insolvency and Bankruptcy Code (hereinafter called IBC) and was admitted on 04.02.2020. In this view of the matter, the moratorium envisaged under Section 14(1) of the Code started operating from the said date.

5. The IRP Mr. Sa